Busey Massive Debt: Gary Busey Emerges From Bankruptcy

By Valli Meenakshi Ramanathan | December 03 2012 4:06 AM

Actor Gary Busey, who starred in several noteworthy films including "Point Break" and "Lethal Weapon" and in recent years appeared on reality shows such as "Celebrity Apprentice," has apparently emerged from a bankruptcy case where some of his debts were declared discharged Dec.2.

Reuters

Actor Gary Busey has apparently emerged from a bankruptcy case where some of his debts were declared discharged Dec.2.

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The discharge declaration relieves him of over $50,000 in debt that was in his name against a massive debt of over $450,000.

Apparently, the actor filed for bankruptcy in February this year in which he stated that he owed over $500,000 to creditors, according to legal records.

The deal allows the actor to retain his assets worth close to $26,000 and relieves him of $57,303.63 in debt that he owed to the banks, utility companies and medical practitioners, TMZ has reported.

Though emerging from bankruptcy is a positive development for the actor, he is still bogged down by huge debt issues to the tune of $451,297.33 that he owes to the government as federal and state taxes.

Bankruptcy does not enable clearance of taxes owed to the government.

Commenting on the situation, Gary told TMZ: "When you have too much, it's a good feeling to let go. My new hobby is just breaking even."

The bankruptcy filing and subsequent write-off and the remaining debt are likely to impact the 68-year-old actor's credit rating.

His manager Ron Sampson reportedly wrote in a statement that the filing provided Busey "a new and clear path" to personal and career success, the Associated Press has stated.